Summary: Maryland; Tax Secured, General Obligation Oct 04

FEATURED COMPANIES

AbstractMaryland's $586.49 million GO refunding bonds have been rated 'AAA'. The 'AAA' rating on the state's outstanding GO debt has been affirmed. The rating reflects: A long history of balanced budgets and sound liquidity, including fiscals 2003-2005, with some reliance on onetime revenues; Historically sound financial management and performance that led to the build up of a "rainy day" reserve through fiscal 2001--although reserves were tapped, the stabilization fund was not reduced below 5% of revenues through fiscal 2004; A diverse broad-based economy that has performed well above average due to a large and expanding federal government presence; High wealth and income levels, and unemployment that remains below the national average through economic cycles; and A manageable debt burden enhanced...

Companies mentioned in this report are:- Maryland

Action: AffirmedAction: New RatingAction: Outlook: Stable

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